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The board of National Spot Exchange Ltd (NSEL) sacked its MD and CEO Anjani Sinha and six top officials, including CFO Shashidhar Kotian, and four department heads.

According to the exchange, the board, which met on Tuesday, identified measures to be taken to solve the payment crisis at the beleaguered exchange and decided to remove the management team headed by Sinha, pending an enquiry. Sinha will, however, act as Special Officer to assist the exchange in its recovery process.

During the period after July 31, 2013, the NSEL board held meetings with the Forward Markets Commission (FMC) to understand the crisis involving NSEL. Later, the company drew a settlement schedule and appointed PR Ramesh as Officer on Special Duty (OSD) with the power of a CEO who will report to the board.

The exchange said it is appointing a global audit firm for forensic audit as per the directive of FMC to assess the members’ financial and settlement accounts, including the delivery and collateral management system; the audit firm is likely to be appointed by August 23, 2013. It is also conducting an investigation under the OSD to identify the lapses that led to the crisis.